US-based cryptocurrency exchange and custodian Gemini has partnered with Mastercard and WebBank to launch a new crypto rewards credit card this summer.
Users of the Gemini Credit Card will receive up to 3% in bitcoin or any other 30 cryptocurrencies available on Gemini on their purchases.
This includes up to 3% back on dining, 2% back on groceries, as well as 1% back on other purchases.
The rewards will be automatically deposited into the cardholder’s Gemini account.
The new card, which will be available across all 50 US states, will not charge any annual fee.
It will offer 24/7 live customer support and exclusive offers on merchants such as DoorDash, HelloFresh, Lyft and ShopRunner.
Cardholders can access the card and purchase things online, in-app, and at the point of sale by adding it to their mobile wallet from the Gemini mobile app.
Gemini CEO Tyler Winklevoss said: “As more consumers look to enter the crypto ecosystem, the Gemini Credit Card gives them an easy point of entry and an effortless way to earn crypto as a reward without changing their daily spending habits.
“Mastercard continues to evolve and meet both industry and consumer demands and commit to the crypto space. We’re excited to partner with them on our first real-time crypto rewards card, further helping to bring crypto mainstream.”
The new card has received more than 140,000 sign-ups from waiting customers so far, noted the company.
Cardholders can acquire bitcoin or other cryptocurrencies as a reward point on their everyday purchases and also have the option to transfer their crypto rewards into Gemini Earn.
Gemini Earn is a lending programme, which allows customers to lend crypto to certain institutional borrowers and earn interest on crypto.
Mastercard North America president Linda Kirkpatrick said: “Consumer choice is at the centre of Mastercard’s strategy – giving people flexibility in how they pay and anticipating their evolving preferences.”
The latest development comes only a few months after a similar development by cryptocurrency startup BlockFi.
Back in December last year, BlockFi announced it will launch its bitcoin rewards credit card in the first quarter of 2021.
Cardholders will earn a 1.5% cashback for every transaction made through the card, which will then be converted to bitcoin and placed into a BlockFi account in a regular monthly cycle.